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June 30, 2017
7:31 am
toto
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Oaken let me use the code three times , for three separate Gics.
I wonder if it's just the members on this site that got the code.

June 30, 2017
10:07 am
Cranston
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toto said
Oaken let me use the code three times , for three separate Gics.
I wonder if it's just the members on this site that got the code.  

Keep in mind it was found on RateSpy and then brought here. The question is was it leaked out from its intended target group? What was the original intention? RateSpy says it was not for use if you bought through a broker.

When I called to ask if I could use the code for an online TFSA purchase I was asked what was the code that I intended to use and I quoted it; Oaken said it would be ok but would expire at the end of the month. Oaken was very good at offering to do the purchase over the phone at the time as well.

June 30, 2017
10:31 am
frizun
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So I phoned in and they did apply it to more than one GIC for me.

It is kinda weird that it didn't show up on any other websites aside from Ratespy.
Promos don't work very good if on one knows about them.

Thanks to the OP for the heads up on this.

June 30, 2017
11:51 am
Nehpets
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After speaking to a few Oaken telephone service people this week, it seems the promo was targeted at specific brokers, and somehow the word got out, Ratespy being the only public online we can identify.

However, according to Oaken people, the promo code "went viral" which may suggest their promotions may be more specifically targeted in future, with specific terms, conditions and exclusions.

We can only hope they don't adopt the cryptic restrictive policies of Tangerine in future promotions.

June 30, 2017
5:44 pm
Loonie
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Beware, if you asked for this rate for a registered account GIC.
I was told today by Oaken employee, who was reading aloud from her manual, that for registered accounts where funds must be transferred in from elsewhere, you had two options. Either you could not take the promo rate (assuming you knew about it), in which case they would hold the rate for the transfer-in (e.g. 3.25 for five years); OR you could take the promo but they would not guarantee the basic rate. In the latter case, you would get the prevailing basic rate at the time that the transfer arrives plus the .25 bonus. You could choose one or the other but could not change your mind later. If the basic rate should fall before your transfer arrives, and you had chosen the promo rate, you might not get what you were hoping for, especially if this was not explained to you at the time.
However, as today was the last day, nothing can be done about it. Just a heads-up in case someone runs into a problem later.

I doubt they'll go the way of Tangerine. They probably needed to offer something to sweeten up their brokers as that would be a significant chunk of business.

Full page ads in the Toronto Star the last couple of days or so. They're going all out to repair the damage asap. I wouldn't be surprised if there are some more rate specials in the next little while, which may or may not be targeted, in order to fill in the gaps in the various terms that they need.

June 30, 2017
7:37 pm
Cranston
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Loonie. When I called about the promo for a TFSA that is how the conversation began.......am I transfering from another TFSA account or transferring in cash to my Oaken savings account.

So I just checked my account I bought 2 5 year GICs online and got 3.5%

But I cannot see if my wife has hers yet. Does any one know if she needs her own account logon???

July 1, 2017
10:03 am
Nehpets
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Cranston said
But I cannot see if my wife has hers yet. Does any one know if she needs her own account logon???  

Each individual needs their own account login at Oaken, to see their solely held accounts, while joint accounts (GIC's) can be seen in either login.

I found it helps to customize the account "nicknames" when there are joint and sole accounts in Oaken, to easily identify which is which....example: GIC Mary and GIC John

I also added HT and HB in each nickname to indicate the issuer of each respective GIC

July 1, 2017
10:45 am
Cranston
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Nehpets said

Each individual needs their own account login at Oaken, to see their solely held accounts, while joint accounts (GIC's) can be seen in either login.

I found it helps to customize the account "nicknames" when there are joint and sole accounts in Oaken, to easily identify which is which....example: GIC Mary and GIC John

I also added HT and HB in each nickname to indicate the issuer of each respective GIC  

Thank you. I will contact Oaken to find out how my wife gets her own logon. I kind of thought she we need her own but Accelerate is still all under one logon.

I use excel to track our GICs and have added HT and HB as you suggest. I used to use nicknames on Citizens but if I recall sometimes they were refreshed and lost. The good thing about Oaken is that there are tabs for ALL, HOME TRUST, and HOME BANK.

Thanks again.

July 1, 2017
4:35 pm
Loonie
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Cranston, has your transfer actually gone through then, for the TFSA, or are they essentially guaranteeing you the rate whenever it does come in?

July 1, 2017
7:42 pm
Cranston
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Loonie said
Cranston, has your transfer actually gone through then, for the TFSA, or are they essentially guaranteeing you the rate whenever it does come in?  

No I did not transfer existing TFSA money in. I pulled non registered money in from Accelerate and then ordered the TFSA GICs online. They allow you to buy GICs while the funds are still on hold.

But quite awhile ago I moved RRSP in from Coast Capital and mailed the forms in that quoted the rate as of the day I filled out the form and received that rate. And there were no rate changes by the time they received the funds from Coast Capital. Hubert also did the same for me. And of course if the rates went up in between I would have expected the higher rate. 🙂 🙂

July 1, 2017
9:05 pm
Loonie
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Oh, I see what you mean Cranston. I had misunderstood.

July 6, 2017
3:24 pm
Cranston
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Did we really need the PROMO code??

Today I received 2 certificates. It (a brochure) was snug in the envelope so you may miss it.

Here is what it said.

The interest rates for some of our long-term GICs were increased on June 6, 2017, and we didn't want you to miss out! So we've already applied the new higher rate to your investment, which you'll see on the confirmation enclosed.

Nice for sure but since I ordered online I would assume I was receiving the current posted rate. Or was this for promo rate? And yes I input the promo online.

July 8, 2017
6:48 am
ReX
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Cranston said
Did we really need the PROMO code??

Today I received 2 certificates. It (a brochure) was snug in the envelope so you may miss it.

Here is what it said.

The interest rates for some of our long-term GICs were increased on June 6, 2017, and we didn't want you to miss out! So we've already applied the new higher rate to your investment, which you'll see on the confirmation enclosed.

Nice for sure but since I ordered online I would assume I was receiving the current posted rate. Or was this for promo rate? And yes I input the promo online.  

They printed brochure en mass anticipating they may hike interest rates few more times.
Their policy is to guarantee highest posted interest rate if your application is not older than 15 days from the most recent hike.

Promo code was a separate campaign - a code MUST be input at the time of application to receive an extra % as offered.

July 8, 2017
8:41 am
JenE
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ReX, where can I find Oaken's policy re "if your application is not older than 15 days from the most recent hike"? This, if correct, applies to two GICs I've recently opened. Thanks.

July 8, 2017
9:29 am
Cranston
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If I recall a few months ago they increased their rates and they emailed their customers ahead of time, like the do, and said they would apply the rate to GICs purchased x or xx days ago based on a date they supplied. I don't think I saved the email but maybe some one else has?

Is it policy? Or was it a one time nicety for the reason of??

July 9, 2017
11:45 pm
Loonie
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Cranston said
If I recall a few months ago they increased their rates and they emailed their customers ahead of time, like the do, and said they would apply the rate to GICs purchased x or xx days ago based on a date they supplied. I don't think I saved the email but maybe some one else has?

Is it policy? Or was it a one time nicety for the reason of??  

They always send an email in advance of rate changes (up or down). Typically, it's a week. An Oaken rep said it was a week to me recently. But I recall that sometimes it has been less than a week, but never more. They do sometimes backdate increases, but I have no recollection of it being as long as 2 weeks, unless that has been in the last couple of months as I have had trouble keeping track of all of those.

The emails in question are certainly not all of the same formula in any event. And I've never seen any written policy about it. I think they make it up as needed, to try to attract whatever deposits they are trying to attract at whatever rate in whatever time frame.

July 10, 2017
12:37 pm
ReX
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JenE said
ReX, where can I find Oaken's policy re "if your application is not older than 15 days from the most recent hike"? This, if correct, applies to two GICs I've recently opened. Thanks.  

I have not seen anything in writing but I got refused when I asked for the latest rate claiming it was still within 30 days of my purchase (20 days after).
I just got an RRSP renewal notice and it clearly states: "Interest Rate: Best rate within 30 days prior to maturity".

July 10, 2017
12:50 pm
Cranston
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ReX said
I have not seen anything in writing but I got refused when I asked for the latest rate claiming it was still within 30 days of my purchase (20 days after).
I just got an RRSP renewal notice and it clearly states: "Interest Rate: Best rate within 30 days prior to maturity".  

Would be interesting to see their documented policies. The RRSP policy looks pretty good ReX. Could that RRSP policy be due to the lack of flexibility not having savings accounts and the transfer hassle to another FI? Would be nice if it was 30 days prior and after maturity.

I remember the old days of Citizens Bank. I would call in for a new GIC and if the rates had gone up they would renew every other existing GIC to the new rate as well.

I do know when I transferrred in RRSP from Coast Capital to both Hubert and Oaken I was worried about rates changing during forever long wait for the transfer to complete. But I received the rate. On my second round of moving RRSP from Coast Capital they intentionally dragged the process on as per my financial advisor. I no longer deal with those "sore losers". 🙂

The RRSP I moved to Hubert was done so I could manage RRSP RRIF withdrawals on my own as they have savings accounts for both.

July 10, 2017
1:04 pm
ReX
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Cranston said

Would be interesting to see their documented policies. The RRSP policy looks pretty good ReX. Could that RRSP policy be due to the lack of flexibility not having savings accounts and the transfer hassle to another FI? Would be nice if it was 30 days prior and after maturity.

Transfer from another FI to Oaken of registered funds takes time, hence 30 day guarantee . Otherwise, they would fail to attract new investments .

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